Bahrain Islamic Bank (BisB), a leader in providing innovative Islamic digital banking services in Bahrain, held its Ordinary General Assembly Meeting on Monday, March 24, 2025, at the Gulf Hotel, Bahrain. The meeting attracted shareholders and representatives from the Central Bank of Bahrain, the Ministry of Industry and Commerce, Bahrain Bourse, external auditors, and members of the Sharia Supervisory Board.
Opening of the Meeting
The meeting began with the confirmation of a 94.81% quorum. Mr. Zaid Khalid Abdulrahman, Chairman of the Board of Directors, delivered the opening speech. He thanked the attendees and expressed gratitude for their continuous support.
Financial Reports and Approvals
The Board of Directors’ report on BisB’s activities and financial performance for the year ending December 31, 2024, was presented and approved. The external auditors and the Sharia Supervisory Board also provided their reports, which were approved. The audited financial statements for 2024 were reviewed and accepted.
One key decision during the meeting was the approval of a net profit distribution of BHD 5,070,026 for 2024. The Assembly allocated BHD 356,398 to the Zakat Fund and BHD 50,000 to charitable donations. The Board of Directors will distribute these profits as approved.
Allocation of Funds and Remuneration
The Ordinary General Assembly also approved transferring BHD 507,003 to the statutory reserve and BHD 4,156,625 to retained earnings. Additionally, the Board of Directors’ remuneration for 2024, totaling BHD 268,128, was approved, pending approval from the Minister of Industry and Commerce.
The meeting also reviewed the Bank’s 2024 Corporate Governance Report, in line with the requirements of the Central Bank of Bahrain. The Assembly then absolved the Board of Directors from liability for their actions during 2024.
Election of Board Members
The election for new Board members for the period from March 2025 to March 2028 began. Four independent members were elected: Mr. Nasser Mohammed Al Hamad, Mr. Khalid Abdulaziz Al Jassim, Mr. Marwan Khaled Tabbara, and Mr. Mohammed Abdulrahman Bucheeri. Six members from major shareholders, including representatives from the National Bank of Bahrain, were also appointed.
Closing Remarks
In his closing remarks, Mr. Zaid Khalid Abdulrahman thanked the leadership of Bahrain, including His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, for their strong support. He also expressed his appreciation to the Sharia Supervisory Board, shareholders, customers, and the Bank’s employees for their continued trust and dedication.
